ICMA Pakistan launched its budget proposals 2016-17

Lahore: The Institute of Cost and Management Accountants of Pakistan (ICMA Pakistan) launched its budget proposals 2016-17 booklet at a Pre-Budget Conference held on 29th April 2016 at Faisalabad in collaboration with the Faisalabad Chamber of Commerce and Industry (FCCI). Chaudhry Abid Sher Ali, Minister of State for Water and Power was the Chief Guest on the occasion. Rana Muhammad Afzal Khan, Parliamentary Secretary on Finance, Revenue and Economic Affairs was the guest of honour. Other prominent in the Conference were Mr. Rashid Aslam, CEO, Faisalabad Electric Supply Company (FESCO) and Chairman, Chenab Group.

The main speakers included Dr. Salman Shah, former Federal Finance Minister; Engr. Suhail bin Rashid, representative of Federation of Pakistan Chambers of Commerce and Industry (FPCCI); Syed Zia Alam Dar Hussain, Acting President, Faisalabad Chamber of Commerce and Industry; Ch. Ghulam Murtaza Buttar, Chairman, Pakistan Agriculture and Dairy Farmers’ Association; Mr. Muhammad Iqbal Ghori, Vice President ICMA Pakistan and Mian Muhammad Ramzan, FCMA, practicing member, ICMA Pakistan. The conference was largely attended by businessmen, representatives of trade and industry, professionals, tax experts and others.

Muhammad Iqbal Ghori, Vice President, in his welcome address presented the salient features of the budget proposals booklet of ICMA Pakistan. He underscored the need for reviving the textile industry in Punjab and redressing the grievances of the textile manufacturers and exporters who were facing great hardships and liquidity crunch due to held up of billions of Rupees of tax refunds. This, he said, have resulted in closure of many textile units especially in Faisalabad. He called for announcing a special package of incentives in the coming budget to revive and stimulate the textile spinning sector to give boost to textile production and exports. He said that Faisalabad-based textile units be given preferential treatment. He said that multiple tax on textile industry be removed to bring down their cost of doing business, especially GIDC be withdrawn immediately.

Dr. Salman Shah appreciated ICMA Pakistan for developing the booklet. He called for restructuring of FBR and said that the country’s financial discipline needs reforms. He stated that there should be simple procedure for small business so that they can flourish and play their role in economic development of the country.

Rana Muhammad Afzal Khan, Parliamentary Secretary on Finance, Revenue and Economic Affairs, in his speech, said that the government is striving hard to bring business oriented environment and therefore the private sector should come forward in a big way. He said that there are some cross sectoral interests and the government is trying its best to develop a balanced mechanism. He also highlighted government’s measures to support export and create opportunities for exporters through bilateral trade relationship.

Speaking on the occasion, the Chief Guest, Ch. Abid Sher Ali said that Faisalabad has crucial role in the economic development of the country. He said that the government has resolved the issue of gas forever and there shall not be any gas load shedding in the industry in future.

Abid Sher Ali further said that the government has taken similar measures for other utility issues, including electricity and it is our firm belief that the industry can only progress and flourish if there is an improved infrastructure. He continued that the government is providing relief to the business community and working on communication energy and system. He appreciated the proposals submitted by ICMAP and assured that the government would give them due consideration in budget.